China Aims for 5% Growth in 2024 Despite Economic Headwinds

China set an ambitious 5% GDP growth target for 2024, but faces economic headwinds like a weak property market, consumer caution, and shrinking budget deficit.

Residential property sales plunged 17% in 2022 with years of excess unsold inventory, weighing on consumer confidence.

Growth levers like infrastructure spending and defense budgets are steady rather than increasing.

Exports and electric vehicles are bright spots, but global tensions around tech access and protectionism loom as risks.

Achieving 5% growth will require luck given structural drags like the property sector, demographic trends, and external tensions.